Digital asset prime brokerage FalconX has reportedly laid off around 10 per cent of its global workforce as it prepares for a prolonged downturn in the cryptocurrency market.

According to a Bloomberg report, the company has also revised its business strategy in Singapore. FalconX is expected to focus on crypto derivatives trading and withdraw its licence application with the Monetary Authority of Singapore, while continuing its operations in Asia and expanding its presence in Europe.

Before the layoffs, FalconX employed about 350 people across the US, the UK, Singapore and Hong Kong. The reported workforce reduction comes less than a year after the company acquired crypto exchange-traded fund (ETF) issuer 21Shares.

The…